Problem: On March 10, 2019, Dearden, Inc., purchased 11,300 shares of Jaffa stock for $41 per share. Management intends to hold the securities long term. Dearden's year ends on December 31. The following information pertains to the price per share of Jaffa stock:
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Stock Price
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12/31/2019
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$39
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12/31/2020
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42
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12/31/2021
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38
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Dearden sold all of the Jaffa stock on September 12, 2022, at a price of $36 per share.
Prepare any journal entries that are required by the facts presented in this case.
1. Record the purchase of equity securities on March 10, 2019.
2. Recognize the fair value of investments on December 31, 2019.
3. Recognize the fair value of investments on December 31, 2020.
4. Recognize the fair value of investments on December 31, 2021.
5. Recognize the fair value of investments on September 12, 2022.
6. Record the cash received from the sale of the equity securities on September 12, 2022.
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